City council bosses say it will be two years until they are freed of the annual £180,000 burden the disused Haymarket Theatre has been on the public purse.

The council has been meeting the cost of service charges and security for the disused building since it closed in 2007.

Now, following a £3.6 million council-funded revamp, the Haymarket will reopen this week as a new-look multi-purpose entertainments venue.

It will be used for music, drama, comedy, dance, e-sports events as well as other functions and exhibitions.

It will be run by a consortium of figures from the city’s arts and business sectors.

City mayor Sir Peter Soulsby says a key aim of the project was to reverse a decade of neglect of the 1973-built premises but also to end the drain on public finances with the council locked into a 99 year lease on the building.

The deal done with the Haymarket Consortium will give it until 2020 to establish operations before it takes over meeting the annual costs from the council.

A council spokeswoman said: “The city council has deferred these charges to support the consortium during their first years of trading, taking into account their ability to pay and giving them some flexibility around their business plan.

“From 2022, the consortium will pay the council an annual rent of £40,000 – a nominal amount that recognises the positive impact that this exciting new venture will have on the whole city.

“The rent will be reviewed every five years.”

Yesterday rehearsals were underway for the first show on Friday - The Hollywood Wiz by Leicester dance school Studio 79.

Sir Peter said: “I am delighted we have been able to bring this building back to life and very pleased that we were able to find a partner in the Haymarket Consortium that shared our determination to turn the theatre into an asset for the city once again.

“This programme of works has fully refurbished the Haymarket Theatre, providing the high quality facilities that people would expect to find in a modern venue and creating a flexible space for live performance and the growing e-sports market.

“Now that these works have been done, the theatre can be handed over to the consortium for its final fit-out, ready for its first public event on Friday.”

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Haymarket Theatre

Consortium artistic and financial director Jed Spittle said: “We have waited with bated breath for this moment and feel incredibly proud to be here at last.

“The city council’s incredible support in this project has enabled us to bring one of Leicester’s most loved and iconic buildings back to life and we don’t take that challenge lightly – we'll be slowly reawakening the venue with a wide range of events, from dance and live music to circus and e-sports.

“We’re really looking forward to re-engaging with the city, and are thrilled to have an exciting programme of events in store which is already evolving on a weekly basis.”

The lobby area and the theatre’s two bars have been fully refurbished.

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New toilets and baby-changing facilities have been installed.

The revamped auditorium holds 901 seats looking over still the largest stage in the UK.

Production facilities and backstage areas have been refurbished, a new ‘green screen’ room and TV gallery have been provided, and the dressing rooms have been painted in colours inspired by Joseph and the Amazing Technicolor Dreamcoat – the musical that had its first major production at the Leicester Haymarket Theatre back in 1974.

Some building work will continue on site until next winter and that will include installing a new lift, ticket office and cloakroom.

The piazza up the steps from Belgrave Gate is also still being worked on.